Due to complete my purchase in Petersham next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the bank. What risks does the lender expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook conditions. These obligations are not specific to conveyancing in Petersham.
What does my ID and proof of funds have anything to do with my conveyancing in Petersham? Is this really warranted?
Petersham conveyancing solicitors and indeed property practitioners throughout the UK have an obligation under money laundering regulations to check the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified ID; proof of identity (usually a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Proof of the origin of funds is also necessary in compliance with the money laundering statutes as conveyancers are required to check that the monies you are using to acquire a property (whether it be the deposit for exchange or the full purchase price if you are a cash purchaser) has come from an acceptable source (such as an inheritance) rather than the product of illegitimate behaviour.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Petersham so that I can attend their offices if required.
As opposed to 15 years ago, most lenders no longer require their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to hand over ID documents and there are still distinct advantages to choosing a local practitioner, in your case a conveyancing solicitor in Petersham.
I just acquired a house at auction in Petersham. Conveyancing is necessary. What are my next steps?
Given that you are now for all intents and purposes signed on the dotted line you should instruct a conveyancing practitioner quickly as you now have a fast approaching deadline in which to complete the deal. An auction property will ordinarily have a corresponding legal pack. This will include most,if not all of the paperwork that your lawyer will need. Where you are dealing with leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should hand this to the solicitor working for you as soon as possible. You also need to ensure that your finances are in order to complete on the date specified in the contract.
How can we know in advance if a Petersham conveyancing solicitor on the Nottingham panel is any good?
When it comes to conveyancing in Petersham seeking recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
After shopping around on the internet I have found a Petersham conveyancing practitioner having checked that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Petersham postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in Petersham.
My relative advised me that if I am purchasing in Petersham I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Petersham conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Petersham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Petersham Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Petersham Education with maps and statistics, Local Amenities and other useful information concerning Petersham.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Petersham I like with amenity areas and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Petersham for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.